Plains GP Holdings, L.P. $PAGP Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its Plains GP Holdings stake by 34.3% in the second quarter, selling 82,608 shares and retaining 157,995 shares valued at approximately $3.84 million.
• Institutional ownership remains high at 88.3%, with some funds—including Amundi and Angeles Wealth Management—adding to their positions while others initiated new stakes.
• Plains GP shares opened at $27.67, near their 52-week high, and the company maintains a 6.0% dividend yield based on its $0.4175 quarterly dividend. Analysts’ consensus rating is “Hold,” with an average price target of $24.55.

Corient Private Wealth LP lessened its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 34.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 157,995 shares of the pipeline company's stock after selling 82,608 shares during the quarter. Corient Private Wealth LP owned about 0.08% of Plains GP worth $3,835,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amundi increased its stake in Plains GP by 46.9% in the second quarter. Amundi now owns 44,385 shares of the pipeline company's stock valued at $1,077,000 after purchasing an additional 14,166 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Plains GP during the 2nd quarter valued at approximately $1,007,000. Ameritas Advisory Services LLC acquired a new stake in Plains GP during the 2nd quarter worth approximately $64,000. Angeles Wealth Management LLC lifted its position in Plains GP by 4.7% during the 2nd quarter. Angeles Wealth Management LLC now owns 84,656 shares of the pipeline company's stock worth $2,055,000 after acquiring an additional 3,762 shares during the period. Finally, OceanIQ Capital LLC purchased a new position in shares of Plains GP in the 2nd quarter valued at approximately $203,000. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Stock Down 0.2%

Plains GP stock opened at $27.67 on Friday. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $28.70. The firm has a market capitalization of $5.48 billion, a price-to-earnings ratio of 52.21 and a beta of 0.48. The stock's fifty day moving average is $26.66 and its two-hundred day moving average is $24.91. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date of this dividend was Friday, July 31st. Plains GP's payout ratio is 59.86%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Truist Financial increased their price target on Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Morgan Stanley upped their price objective on shares of Plains GP from $26.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. US Capital Advisors cut shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 29th. Zacks Research upgraded shares of Plains GP from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 22nd. Finally, Citigroup boosted their target price on shares of Plains GP from $23.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Plains GP has an average rating of "Hold" and an average price target of $24.55.

Plains GP Company Profile

Plains GP Holdings, L.P. NYSE: PAGP is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. (PAA), an energy infrastructure partnership. Plains GP Holdings generally conducts its activities through its ownership and governance interests in PAA rather than through a separate operating business.

Through PAA, the company is involved in the transportation, storage, gathering, terminaling and logistics of crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck facilities, and export and terminal assets that support the movement of energy commodities from production areas to refineries, processing facilities and other markets.

Plains' operations primarily serve the United States and Canada, with significant infrastructure in major North American crude oil and NGL producing and consuming regions.

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